PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
INCO vs. EWM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

INCO vs. EWM

Last updated Jun 25, 2026

INCO (Columbia India Consumer ETF) and EWM (iShares MSCI Malaysia ETF) are both Asia Pacific Equities funds - INCO tracks the Indxx India Consumer Index while EWM tracks the MSCI Malaysia Index. Both are passively managed. Over the past 10 years, INCO returned 8.95%/yr vs 2.53%/yr for EWM. At a 0.42 correlation, their price movements are largely independent. INCO charges 0.75%/yr vs 0.49%/yr for EWM.

Performance

INCO vs. EWM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Columbia India Consumer ETF (INCO) and iShares MSCI Malaysia ETF (EWM). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, INCO achieves a -8.49% return, which is significantly lower than EWM's 0.62% return. Over the past 10 years, INCO has outperformed EWM with an annualized return of 8.95%, while EWM has yielded a comparatively lower 2.53% annualized return.

INCO

1D
0.26%
1M
2.61%
YTD
-8.49%
6M
-7.75%
1Y
-7.35%
3Y*
7.64%
5Y*
6.82%
10Y*
8.95%

EWM

1D
0.71%
1M
-5.85%
YTD
0.62%
6M
-0.58%
1Y
17.66%
3Y*
14.52%
5Y*
4.62%
10Y*
2.53%
*Multi-year figures are annualized to reflect compound growth (CAGR)

INCO vs. EWM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
INCO
Columbia India Consumer ETF		-8.49%0.59%12.70%34.63%-7.01%19.28%14.55%-4.22%-10.81%53.28%
EWM
iShares MSCI Malaysia ETF		0.62%15.74%19.46%-3.61%-6.00%-7.40%3.12%-1.41%-6.28%24.25%

Correlation

The correlation between INCO and EWM is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.31

Correlation (3Y)
Calculated over the trailing 3-year period

0.30

Correlation (5Y)
Calculated over the trailing 5-year period

0.33

Correlation (10Y)
Calculated over the trailing 10-year period

0.41

Correlation (All Time)
Calculated using the full available price history since Aug 10, 2011

0.42

The correlation between INCO and EWM shifts across timeframes, from 0.30 (3 years) to 0.42 (all time), reflecting how their relationship changes across market environments.

INCO vs. EWM - Sectors Allocation Comparison

Sectors
INCO
EWM

Consumer Cyclical

59.9%
1.1%

Consumer Defensive

39.0%
4.7%

Industrials

1.4%
12.2%

Technology

1.2%

-

Basic Materials

-

9.9%

Communication Services

-

5.5%

Energy

-

2.9%

Financial Services

-

50.5%

Healthcare

-

3.4%

Real Estate

-

-

Utilities

-

10.9%

Consumer Cyclical

INCO
59.9%
EWM
1.1%

Consumer Defensive

INCO
39.0%
EWM
4.7%

Industrials

INCO
1.4%
EWM
12.2%

Technology

INCO
1.2%
EWM

-

Basic Materials

INCO

-

EWM
9.9%

Communication Services

INCO

-

EWM
5.5%

Energy

INCO

-

EWM
2.9%

Financial Services

INCO

-

EWM
50.5%

Healthcare

INCO

-

EWM
3.4%

Real Estate

INCO

-

EWM

-

Utilities

INCO

-

EWM
10.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Columbia India Consumer ETF

iShares MSCI Malaysia ETF

Often compared with INCO:
INCO vs. INDAINCO vs. INDYINCO vs. FLININCO vs. EPIINCO vs. SMININCO vs. GLININCO vs. INQQ
Often compared with EWM:
EWM vs. EIDOEWM vs. EWYEWM vs. EWTEWM vs. EPIEWM vs. AAXJEWM vs. VOOEWM vs. SCHD

Return for Risk

INCO vs. EWM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
INCO
INCO Risk / Return Rank: 55
Overall Rank
INCO Sharpe Ratio Rank: 55
Sharpe Ratio Rank
INCO Sortino Ratio Rank: 55
Sortino Ratio Rank
INCO Omega Ratio Rank: 55
Omega Ratio Rank
INCO Calmar Ratio Rank: 66
Calmar Ratio Rank
INCO Martin Ratio Rank: 55
Martin Ratio Rank
EWM
EWM Risk / Return Rank: 3838
Overall Rank
EWM Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
EWM Sortino Ratio Rank: 3838
Sortino Ratio Rank
EWM Omega Ratio Rank: 3636
Omega Ratio Rank
EWM Calmar Ratio Rank: 3939
Calmar Ratio Rank
EWM Martin Ratio Rank: 3939
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

INCO vs. EWM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia India Consumer ETF (INCO) and iShares MSCI Malaysia ETF (EWM). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

INCOEWMDifference
Sharpe ratioReturn per unit of total volatility
-0.43
1.26

-1.69

Sortino ratioReturn per unit of downside risk
-0.53
1.80

-2.32

Omega ratioGain probability vs. loss probability

0.94

1.22

-0.28

Calmar ratioReturn relative to maximum drawdown

-0.35

1.75

-2.09

Martin ratioReturn relative to average drawdown

-0.83

5.58

-6.41

INCO vs. EWM - Sharpe Ratio Comparison

The current INCO Sharpe Ratio is -0.43, which is lower than the EWM Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of INCO and EWM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

INCO vs. EWM - Drawdown Comparison

The maximum INCO drawdown since its inception was -47.69%, smaller than the maximum EWM drawdown of -89.19%. Use the drawdown chart below to compare losses from any high point for INCO and EWM.

Loading charts...

Drawdown Indicators

INCOEWMDifference

Max Drawdown

Largest peak-to-trough decline

-47.69%

-89.19%

+41.50%

Max Drawdown (1Y)

Largest decline over 1 year

-21.37%

-10.14%

-11.23%

Max Drawdown (3Y)

Largest decline over 3 years

-29.98%

-21.31%

-8.67%

Max Drawdown (5Y)

Largest decline over 5 years

-29.98%

-22.76%

-7.22%

Max Drawdown (10Y)

Largest decline over 10 years

-47.69%

-43.81%

-3.88%

Current Drawdown

Current decline from peak

-22.07%

-11.08%

-10.99%

Average Drawdown

Average peak-to-trough decline

-10.62%

-31.78%

+21.16%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.91%

3.17%

+5.74%

Volatility

INCO vs. EWM - Volatility Comparison

Columbia India Consumer ETF (INCO) has a higher volatility of 5.21% compared to iShares MSCI Malaysia ETF (EWM) at 4.27%. This indicates that INCO's price experiences larger fluctuations and is considered to be riskier than EWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

INCOEWMDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.21%

4.27%

+0.94%

Volatility (6M)

Calculated over the trailing 6-month period

14.39%

11.04%

+3.35%

Volatility (1Y)

Calculated over the trailing 1-year period

17.04%

14.14%

+2.90%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.98%

13.76%

+3.22%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.30%

16.19%

+4.11%

INCO vs. EWM - Expense Ratio Comparison

INCO has a 0.75% expense ratio, which is higher than EWM's 0.49% expense ratio.

Dividends

INCO vs. EWM - Dividend Comparison

INCO has not paid dividends to shareholders, while EWM's dividend yield for the trailing twelve months is around 3.70%.

PositionTTM20252024202320222021202020192018201720162015
EWM
iShares MSCI Malaysia ETF		3.70%3.41%3.32%3.47%3.00%6.48%1.89%2.91%3.84%5.58%5.97%37.54%
INCO
Columbia India Consumer ETF		0.00%0.00%2.88%3.81%10.57%6.25%0.34%0.28%0.12%0.05%0.09%0.00%

Frequently Asked Questions

INCO and EWM have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

INCO has higher volatility (5.21%) compared to EWM (4.27%). In terms of maximum drawdown, INCO dropped -47.69% vs EWM's -89.19%.

On 10-year performance, INCO leads with 8.95% vs 2.53% for EWM. On fees, EWM is cheaper at 0.49% per year. On volatility, EWM has been the lower-risk option at 4.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, INCO has performed better with a 8.95% return vs 2.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EWM is cheaper with a 0.49% expense ratio, compared with 0.75% for INCO.

EWM has the higher dividend yield at 3.70%, compared with 0.00% for INCO.

INCO tracks Indxx India Consumer Index, while EWM tracks MSCI Malaysia Index. They also come from different issuers: Ameriprise Financial and iShares. Their fees differ too: 0.75% for INCO and 0.49% for EWM.

EWM currently has the higher Sharpe Ratio (1.26 vs -0.43), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

Portfolio Optimizer

Find the right allocation for INCO and EWM

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer